Thursday Market Update: Dow Jones (^DJI) Drops 1.3%

On Thursday, the Dow Jones Industrial Average (^DJI) fell 1.3%, the S&P 500 (^GSPC) shed 1.4%, and the tech-heavy Nasdaq Composite (^IXIC) plunged 1.8%.[0] Cisco Systems (CSCO) was a post-earnings winner, adding 5.2% to make it the best Dow Jones stock today.[1] The manufacturer of networking hardware released second-quarter earnings of 85 cents per share on total sales of $13.6 billion, surpassing the predictions of analysts.[1] Roku (ROKU) stock jumped 11.2% after the streaming company reported a slimmer-than-expected fourth-quarter loss of $1.70 per share on higher-than-anticipated revenue of $867 million.[2] On Thursday midday, the yield on the 10-year U.S. Treasury note benchmark increased to 3.867%.[3] Initial jobless claims dropped to 194,000, a decrease of 1,000 from the previous week’s revised level of 195,000. The number of Americans filing for initial jobless claims unexpectedly fell to 194K, lower than the anticipated figure of 200K. The Producer Price Index from the Labor Department for the month of January saw an increase of 0.7%, which was higher than the predicted 0.4%.[4] The value of Bitcoin (BTC-USD) rose to a six-month high as worries about regulatory action spread throughout the cryptocurrency market.[0] The token reached a peak of $25,000 for the first time since August.[0] The Commerce Department reported on Wednesday that retail sales had risen by 3% in January, overturning the two preceding months of decrease.[5] Loretta Mester, President of the Cleveland Federal Reserve, expressed that there is a convincing argument to raise the rate by half a percentage point during the January 31st to February meeting.[6] At one gathering, it was suggested that prices might need to be increased should inflation persist at its high level.[7] The Congressional Budget Office warned on Wednesday that the Treasury Department’s ability to continue paying its government bills would be exhausted by the summer unless lawmakers strike a deal to raise the debt ceiling.[8] On Thursday, 8:30 a.m. EST marks the release of various U.S. economic updates, including weekly initial jobless claims, the January producer price index, building permits and housing starts, and the February Philadelphia Fed manufacturing survey.[9] East[9]

Thursday saw stocks fall across the board as the Dow Jones Industrial Average (^DJI) dropped 1.

0. “Stock market news today: Stocks sell off after hot inflation report, hawkish Fedspeak” Yahoo Money, 16 Feb. 2023,

1. “Stock Market Today: Hot Inflation Data Sends Stocks Lower” Kiplinger’s Personal Finance, 16 Feb. 2023,

2. “Dow closes 400 points lower as hot inflation report, comments from Fed’s Bullard raise rate hike fears: Live updates” CNBC, 15 Feb. 2023,

3. “Dow, S&P 500, Nasdaq slump as wholesale inflation stats fuel Fed concerns” Seeking Alpha, 16 Feb. 2023,

4. “S&P 500 struggles to shake off Fed hike fears as inflation remains hot By”, 16 Feb. 2023,

5. “S&P Futures Tick Lower Ahead of Key U.S. PPI Data” Barchart, 16 Feb. 2023,

6. “Markets Today: Stock Index Futures Tumble as U.S. Jan PPI Exceeds Forecasts” Barchart, 16 Feb. 2023,

7. “10- and 30-year Treasury yields hit 2023 highs after strong wholesale-prices data” MarketWatch, 16 Feb. 2023,

8. “US Stocks’ Resilience Faces Test As Traders Await Flurry Of Economic Data: Fed May ‘Surprise To The Upsid” Benzinga, 16 Feb. 2023,

9. “Dow ends 430 points lower after hot inflation data as pair of Fed officials talk about bigger rate hikes” MarketWatch, 16 Feb. 2023,